Sterling & Wilson eyes Rs 1,500-crore IPO for generator manufacturing arm

Sterling & Wilson is planning a around Rs 1,500-crore IPO for its generator manufacturing arm Sterling Green, with ICICI Securities and IIFL Capital appointed as lead managers. Sterling Green, formerly a subsidiary of Shapoorji Pallonji (which now holds 42%), reported provisional FY26 revenue of Rs 1,167 crore, up from Rs 868 crore in FY25, with an order book of about Rs 2,900 crore, nearly 80% from clients such as Adani, AirTrunk and DAMAC. The company plans a Dubai facility in FY27 and a Pune manufacturing plant, with capex of Rs 90-100 crore earmarked over FY27 and FY28.